(CNN Business) — Adidas ended its association with Ye, also known as Kanye West, with “immediate effect.”
In a statement issued Tuesday, the sportswear maker said it “does not tolerate anti-Semitism or any other form of hate speech” and called Ye’s recent comments “unacceptable, hateful and dangerous.” Adidas said West violated the company’s “values ​​of diversity and inclusion, mutual respect and fairness.”
Sales and production of its Yeezy-branded products were halted, as were payments to Ye and his companies. Adidas said it will take a 250 million euro ($246 million) hit to its fourth-quarter sales.
Adidas partnered with West in 2013, when the company signed its brand away from rival Nike. In 2016, Adidas expanded on their relationship with the rapper, calling it “the most important partnership ever created between an athletic brand and a non-athlete.”
Kanye West has been associated with Adidas since 2013. (Credit: Jonathan Leibson/Getty Images for Adidas)
But Adidas put the “partnership under review” in early October after the rapper wore a “White Lives Matter” t-shirt in public. The Anti-Defamation League classifies the phrase as a “hate slogan” used by white supremacist groups, including the Ku Klux Klan.
Recently, Ye said, “I can say anti-Semitic sh*t and Adidas won’t let me down,” during a tirade against Jews on the Drink Champs podcast.
Adidas isn’t the only brand to walk away from Kanye West. Balenciaga and Vogue publicly severed ties last week, and on Monday, talent agency CAA dropped West as a client. Production company MRC said it is shelving a documentary about West.
Adidas shares fell 5% in Frankfurt. Adidas said it will release additional information about the financial implications of dissolving its partnership with Ye in its next earnings report on Nov. 9.
— Jon Sarlin of CNN Business contributed to this report.
(CNN Business) — Adidas ended its association with Ye, also known as Kanye West, with “immediate effect.”
In a statement issued Tuesday, the sportswear maker said it “does not tolerate anti-Semitism or any other form of hate speech” and called Ye’s recent comments “unacceptable, hateful and dangerous.” Adidas said West violated the company’s “values ​​of diversity and inclusion, mutual respect and fairness.”
Sales and production of its Yeezy-branded products were halted, as were payments to Ye and his companies. Adidas said it will take a 250 million euro ($246 million) hit to its fourth-quarter sales.
Adidas partnered with West in 2013, when the company signed its brand away from rival Nike. In 2016, Adidas expanded on their relationship with the rapper, calling it “the most important partnership ever created between an athletic brand and a non-athlete.”
Kanye West has been associated with Adidas since 2013. (Credit: Jonathan Leibson/Getty Images for Adidas)
But Adidas put the “partnership under review” in early October after the rapper wore a “White Lives Matter” t-shirt in public. The Anti-Defamation League classifies the phrase as a “hate slogan” used by white supremacist groups, including the Ku Klux Klan.
Recently, Ye said, “I can say anti-Semitic sh*t and Adidas won’t let me down,” during a tirade against Jews on the Drink Champs podcast.
Adidas isn’t the only brand to walk away from Kanye West. Balenciaga and Vogue publicly severed ties last week, and on Monday, talent agency CAA dropped West as a client. Production company MRC said it is shelving a documentary about West.
Adidas shares fell 5% in Frankfurt. Adidas said it will release additional information about the financial implications of dissolving its partnership with Ye in its next earnings report on Nov. 9.
— Jon Sarlin of CNN Business contributed to this report.
